Creamware Insolvency announcement - Chapter 11

interloper · Post by **interloper** » Wed Dec 24, 2003 12:05 am

Wait on official info from the company...

braincell · Post by **braincell** » Wed Dec 24, 2003 2:58 pm

I find this hilarious considering the statements CW was giving us. Something to the effect that this bankruptcy is totally normal and nothing to worry about and that it is not so serious in Germany to go bankrupt as it is in the states. This was all bull. Now I can't believe anything they say anymore. I was very worried yet it seems everyone in this group is always on Creamware's side about everything. I feel vindicated.

King of Snake · Post by **King of Snake** » Wed Dec 24, 2003 4:22 pm

it was not total bull. People have already explained here that, even though it's far from an ideal situation, this sort of thing is not uncommon in the business world and does not neccesarily mean the downfall of the company. This is exactly what CW said and obviously they wanted to convey some optimism and confidence in the future.

Now some message gets out that apparently says they are not out of the red yet (which was to be expected) and suddenly we all should start panicking again?

And yes we are always on CW's side...as opposed to which side?? I didn't realise this was a competition? "If you're not with us, you're against us"?

interloper · Post by **interloper** » Wed Dec 24, 2003 4:36 pm

Er, pardon the pun, but it's time to exercise that braincell

and realize that those things were actually true. I live in the US and talked to one of my friends in Germany who is unemployed, and I about fell out of my chair when he told me what all he gets for unemployment benefits. I'm talking the amount of his checks, the duration, and then the 20,000 euros for IT training for switching careers.

Different scenario, perhaps, but I can tell you that a business does have more recourses and legal protections in Germany. That's just how things are set up. There's a lot of red tape, i.e. paperwork, but there are definite tangible benefits that a business can take advantage of.

So, unless someone knows the lawyer that's handling this, everybody is purely speculating. Give the company time to respond, I mean, it's Christmas!

Happy Holidays to all.

valis · Post by **valis** » Wed Dec 24, 2003 5:53 pm

A lot of hysteria over a single post on another maillist...relax and enjoy the holidays folks

braincell · Post by **braincell** » Wed Dec 24, 2003 7:56 pm

I wouldn't be too upset if the company gets sold. Of course that could be a good or a bad thing depending on how the new company handles things. CW isn't exactly run by financial wizards.

interloper · Post by **interloper** » Wed Dec 24, 2003 8:58 pm

I take it you've seen their balance sheets?

sandrob · Post by **sandrob** » Thu Dec 25, 2003 11:44 am

sorry, if someone already posted this

astroman · Post by **astroman** » Thu Dec 25, 2003 8:15 pm

thanks Sandro - I've just read the same item referenced from another link, but it belongs here, too.
Most important is the date: it refers to December, which wasn't clear from the translated versions.

I'm not able to figure out the full meanings of those paragraphs, too complicated to explain, but first of all the date is important for certain legal procedures.
That's why it has to be announced publishly.

cheers, Tom